Following yesterday’s massive price drops, bitcoin has bounced off and recovered over $1,000. Most altcoins are also slightly in the green today, with Dogecoin outperforming the rest with a substantial double-digit price surge.
The price of bitcoin was gradually heading south following the all-time high reached last week. It failed to continue above $67,000 and lost $7,000 in just a few days.
The asset managed to recover some ground and neared $64,000 earlier this week, but it was stopped once more. This time, the bears took complete control and pushed BTC south hard.
In a matter of hours, the cryptocurrency lost more than $5,000 of value. As such, it dipped to $58,000, which became the lowest price point in two weeks.
BTC initially struggled to recover but has spiked by $1,500 in the past few hours and is close to $60,000 once again. Consequently, the asset’s market capitalization has reclaimed $1.1 trillion, but the dominance over the altcoins is down to 44.5% after touching 47% days ago.
BTCUSD. Source: TradingView
The alternative coins also plummeted hard yesterday. Ethereum went as low as $3,900 but has bounced off and has jumped above $4,000 as of writing these lines.
Cardano, Polkadot, Terra, Avalanche, and Chainlink have charted minor gains, while Binance Coin (4%), Solana (2.5%), and Ripple (3.5%) have added a bit more.
Dogecoin is the most substantial gainer from the top 10 coins. The meme token is up by 32% on a 24-hour scale and trades at a near two-month high above $0.31. As such, DOGE has managed to reclaim its spot as the 9th largest cryptocurrency by market cap just hours after the self-described Dogecoin-killer – Shiba Inu – took it.
Further gains are evident from Secret (20%), Fantom (18%), Curve DAO Token (15%), Harmony (13%), Polygon (12%), Helium (12%), Enjin Coin (12%), Waves (10%), and more.
The cryptocurrency market capitalization has added more than $100 billion since yesterday’s bottom and is above $2.5 trillion as of now.
Cryptocurrency Market Overview. Source: Quantify Crypto
Ethereum co-founder Vitalik Buterin has warned crypto executives to switch focus to collective security and…
Binance founder Changpeng Zhao warned in a recent interview with CoinDesk that traditional banks may…
Ripple CEO Bradley Garlinghouse is pushing back against the idea that the company’s growing RLUSD…
According to a recent report from a local Chinese publication, Chinese regulators have moved against…
Wall Street staged a sharp recovery following the U.S. midterm elections, reversing earlier losses as…
ADA continues to gain popularity in tokenized real-world assets and institutional blockchain adoption. Petrobras’ move…